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    Jo Hopworth on Justice For Natalie – Na…
    Mariam on Criminal Complaint filed in Ge…
    Martin Kraeter on ACI Dubai Funds filed bankrupt…
    Independent Observer on Iranian’s lawsuit reveals roya…
    Rado on DubaiTouristen landen schnell…
    Dubai Citizen on Al Fajer Properties Case…
    Dane on Outlook in concrete- Dubai Wor…
    jamesl fayad on RERA Dubai – Dubai Prope…
    Jacques on Malika Karoum finally arrested…
    James Brown on ACI – Alternative Capita…
    Journalist on Al Fajer Properties-500 Invest…
    ron oakeley on ACI – Alternative Capita…
    Benson Fu on Shahram Zadeh against Al Fajer…
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    Ali Varahram on Shahram Zadeh against Al Fajer…
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    • Criminal Complaint filed against Al Fajer Properties Sheikh Maktoum
      Criminal Complaint filed in Germany against Sheikh Maktoum Hasher Maktoum Juma Al Maktoum CEO of Dubai Developer Al Fajer Properties The Dubai Sheikh who mislead and extort a German Couple  Germany – Dubai 2011 A German elderly couple , today 80 + 50 years old who have been Dubai Tourists since a decade, bought in 2005 an apartment at Nakheel´s Dubai Residen […]
    • UAE: Human Rights Blogger, Sorbonne Lecturer Charged With ‘Humiliating' Officials
      source Human Rights Watch www.hrw.org (Beirut) - The United Arab Emirates attorney general should immediately drop all charges against five pro-democracy activists to halt their trial, Human Rights Watch said today. The charges of "humiliating" top officials relate solely to the defendants' peaceful use of speech to criticize the UAE governmen […]
    • Nakheel Dubai Sunland Case
      June 5, 2011After 21 hearings, Chris O'Donnell, the Australian chief executive of Dubai's major developer, Nakheel, came to the defence of his former colleagues Matthew Joyce and Marcus Lee. Mr Joyce and Mr Lee are accused of profiting from the sale of land that had been earmarked for a colossal high-rise development, which was to include the futur […]
    • Dubai Nakheel CEO decided to leave the company
      Dubai June 7, 2011 Nakheel said on Wednesday that its CEO Chris O'Donnell had left the company "after completing his contract terms". O'Donnell, an Australian who joined the developer in 2006, said he had decided to leave Nakheel following five years spent with the company, the statement added. O'Donnell has overseen a traumatic time […]
    • Owner of Dubai Developer Damac Hussain Sajwani files case against Egypt corruption ruling
      Dubai property developer Damac said on Tuesday it had filed an international arbitration case against Egypt over a land dispute and the conviction of its chairman and owner, Hussain Sajwani.A Cairo court last week sentenced Sajwani in his absence to jail and ordered him to pay a $40.5 million fine in connection with his 2006 purchase of land at Egypt's […]
    • Dubai Palm Jumeriah - Investors plan to take legal action
      Investors in Dubai Palm Jumeirah’s Golden Mile complex will this week serve the developer behind the project with a legal ultimatum to hand over their units or issue them with a refund.Up to ten investors in the luxury complex plan to issue Souq Residences with legal notice in a bid to force a resolution to a dispute that has been ongoing for more than a yea […]
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The number of property developers registered in Dubai has fallen by about 40 per cent in two months

Posted by 7starsdubai on January 29, 2009


http://www.thenational.ae/article/20090129/BUSINESS/939819250/1005

The number of property developers registered in Dubai has fallen by about 40 per cent in two months, according to the Real Estate Regulatory Agency (RERA).

Some firms were weeded out as part of a “clean-up” by the agency because they were unlikely to start their projects, while others fell victim to the economic crisis.

Marwan bin Ghalita, the chief executive of RERA, said there were now about 500 developers registered in Dubai, compared with more than 800 in November.

“Some of the companies were registered but have now decided they don’t want to develop because of liquidity, which is a good thing,” he said. “And others were forced to cancel because we were sure that their developments would never be real.”

Mr Ghalita did not reveal which firms had been forced out of the emirate, but said company names would be released in the future. He also did not say whether any of the developers who were no longer registered had made any sales on their proposed projects.

The authority planned to trim the number of developers further through a new system that would rank them according to financial stability and market experience, he added.

The system is aimed at giving RERA greater control and reinforcing investor confidence in a sector hit by falling prices, fraud and contractual disputes.

“We will make the number even less. The [ranking] system will be ready very soon… the cleaning is going on,” he said. “So before people invest in a project, they will see what the rating of the developer is and will be able to base their decision on that.”

Not only were the number of developers falling, but those still registered with the authority were scaling back the number of projects in the pipeline, he added. More than 25 companies have cancelled projects since the global financial crisis hit Dubai’s property sector.

Only those with a strong sense for the market and its feasibility were expected to survive the downturn, he said.

“Some of them bought land and wanted to develop two or three projects, but are now just doing one.”

Investor confidence in off-plan projects has been harmed by several cases of developers failing to proceed, or not keeping promises, especially relating to projects launched before RERA was established in 2007.

RERA established a system of escrow accounts in July 2007, which are designed to ensure that money paid by home buyers is used on the specific project. Hundreds of property developments launched before that date enjoy no such protection.

Disputes over long-delayed projects have been exacerbated by the downturn, leaving hundreds of investors struggling to cancel contracts and get refunds on instalments already paid.

In an attempt to stem a wave of cancellations by buyers, RERA issued an interpretation of an existing law in November so that buyers who defaulted on a property purchase would forfeit 30 per cent of the price of the unit and 30 per cent of any payments on top of that.

It is also planning two new regulations that would make it difficult for property prices to overheat in the future. One proposed regulation would require developers to own all the land and to have built 20 per cent of the project before it could begin sales. The other proposed regulation would tie payment plans to construction milestones.

Last year, several high-ranking Dubai property executives and financiers were removed from office and arrested as part of a fraud investigation. Tamweel, the nation’s second-largest home-loan company, lost most of its management due to the investigation and yesterday announced 57 job cuts.

Earlier this month, RERA announced a regulation, drawn up with the Department of Economic Development, banning freelance property agents from operating in Dubai. The move is intended to improve transparency for property owners and tenants.

agiuffrida@thenational.ae

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